Shelly Group Surpasses 2023 Revenue and Profit Guidance

Shelly Group, a company specializing in IoT solutions and smart buildings based in Sofia, Bulgaria, exceeded its revenue and profit forecasts for the year 2023. This performance is attributed to a successful expansion of sales channels and a significant increase in the eligible customer base, thanks to investments made the previous year. Group revenue increased by 57.3% to €74.9 million, while EBIT increased by 83.5% to €19.1 million .

EBIT margin improved from 21.8% to 25.5%, offsetting general cost increases through supply chain and product portfolio optimizations. The group's net profit increased by 88.8% to €16.8 million. The company also reports a strong financial structure, with an equity ratio of 85.8% at the end of the year.

Operating cash flow increased significantly, primarily reflecting a decline in inventory levels with a simultaneous increase in receivables and prepayments for production. Cash and cash equivalents amounted to €15.7 million as at December 31, 2023. Shelly Group announces that it will provide guidance for the 2024 financial year when it publishes its annual report on April 15, 2024.